**REGISTERED COMPANY NUMBER: 00648041 (England and Wales) REGISTERED CHARITY NUMBER: 257303** 

## **TRUSTEES' REPORT AND** 

**FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **FOR** 

## **THE INSTITUTION OF AGRICULTURAL ENGINEERS** 

Landers Accountants Ltd Church View Chambers 38 Market Square Toddington Bedfordshire LU5 6BS 



**THE INSTITUTION OF AGRICULTURAL ENGINEERS** 

## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** 

|**Reference and Administrative Details**|1|to|2|
|---|---|---|---|
|**Trustees' Report**|3|to|11|
|**Independent Examiner's Report**||12||
|**Statement of Financial Activities**||13||
|**Balance Sheet**|14|to|15|
|**Notes to the Financial Statements**|16|to|24|
|**Detailed Statement of Financial**|25|to|26|
|**Activities**||||





## **THE INSTITUTION OF AGRICULTURAL ENGINEERS** 

## **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2022** 

**TRUSTEES** 

M S J Carr-West S C Constable H G Crabtree (resigned 27/4/22) K F P Franklin P F Hemingway G P Higginson R J Merrall A C Newbold (resigned 27/4/22) R J Rickson R W Simmons B D Grieve M Whiting M C Butler-Ellis (appointed 27/4/22) M R Moore (appointed 27/4/22) R D King (appointed 27/4/22) 

**PRESIDENT** 

S C Constable 

**COMPANY SECRETARY** C D Nicklin **REGISTERED OFFICE** The Bullock Building University Way CRANFIELD Bedfordshire MK43 0GH 

## **REGISTERED COMPANY** 00648041 (England and Wales) **NUMBER** 

## **REGISTERED CHARITY** 257303 **NUMBER** 

## **INDEPENDENT EXAMINER** Landers Accountants Ltd 

Church View Chambers 38 Market Square Toddington Bedfordshire LU5 6BS 

## **BANKERS** 

HSBC 12 Allhallows Bedford Bedfordshire MK40 1LJ 



## **THE INSTITUTION OF AGRICULTURAL ENGINEERS** 

**REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2022** 

**INVESTMENT MANAGER** 

Investec 30 Gresham Street London EC2 7QP 




## **Aims and Objectives** 

The remit of the Institution of Agricultural Engineers (IAgrE) were reviewed and the associated Memorandum and Articles of Association (updated in 2017)  remain  valid.  Established  in  1938  (as  the Institution of British Agricultural Engineers), the overall aims of IAgrE was then, as it is now, to: 

- Promote agricultural engineering as a profession. 

- Direct and apply the sources of energy in Nature for the sustainable use and convenience of man in the adaptation and application of materials and mechanical methods for the best development of land use for agriculture, forestry and other purposes and 

- Promote good practice in all applications of technology across the land-based sector. 

Prime objectives are all for the public benefit and, as ever,  to  continue  with  the  drive  to  increase  and broaden the membership base and raise the profile of  IAgrE.  Further  information  on  the  aims  of  the Institution  are  detailed  in  the  Memorandum  and Articles of Association which are published at **www.iagre.org** 

## **Structure, Governance and Management** 

## **Structure** 

IAgrE is overseen by an Executive Committee whose members act as Trustees. These are also directors of the charity for the purposes of the Companies Act, and through this report, submit their annual report and the financial statements for the year ended 31[st] December  2022. The  trustees  have  adopted  the provisions of the Statement of Recommended Practice (SORP) (FRS 102) "Accounting and Reporting by Charities" 2[nd] edition issued in 2019 in preparing the  annual  report  and  financial statements  of  the charity. 

IAgrE is a  charitable company (charity number 257303)  limited  by  guarantee  (company  number 00648041) and is governed by a Memorandum and Articles  of  Association.  The  principal  address  and registered office of the charity is The Bullock Building,  University  Way,  Cranfield,  Bedford,  MK43 0GH. 


operational team to update the Advisory Council on key areas of progress and for the Council members to provide input and direction to future strategy. During 2021, due to the ongoing Covid-19 pandemic, these meeting  took  place  on  line.  The  use  of  virtual meetings for the Advisory Council continued during 2022  as  they  allowed  improved  accessibility  by removing the need for travel. Hybrid meeting facilities have been provided at the headquarters for increased flexibility longer term. 

The first meeting of 2022 was held on-line on the 10[th] March, the second was on the 12[th] October. 

A Summary of the Executive meetings were presented and discussed, including conference, strategy, audits and projects. Advisory Council meetings  are  also  used  to  update  and  record  the ongoing activities of IAgrE local branches. 

Matters for discussion during 2022 included a presentation from the Royal Academy of Engineering (RAEng), where Council members were taken through the remit of the organisation and some of its current activities. Young people and early career engineers are important to the sector, one such RAEng initiative has been the creation of an Early Career Engineers Committee  as a sub  group  to  the Professional Engineering Committee (formed of all the Professional Engineering Institution Chief Executives). An  early  career  member  of  IAgrE  represents  the institution on this committee. 

Another topic for discussion was Further Education (FE),  and  specifically  how  IAgrE  can  support  the challenges faced by colleges. A number of ideas were put  forward,  such  as  a  specialist  event  to  inform employers/lecturers of the new T-Level qualifications, closer relationships with the FE colleges and events tailored for lecturers. Salaries not keeping pace with industry and poor investment in the FE sector was felt to be a fundamental problem in attraction/retention of college lecturers. IAgrE seeks to support improvements in these areas via government  engagement  with  the  RAEng  National Engineering Policy group. 

## **Health and Safety** 

IAgrE provides a Health and Safety Policy document. This  is  updated  regularly.   All  staff  are  routinely reminded of its existence. 

IAgrE is regulated by both the Charities Commission and by Company Law. An Advisory Council assists in setting the overall direction and policy of the Institution. The Council is elected by the corporate (voting) members of IAgrE. Operationally, the IAgrE is run by its Chief Executive Officer (CEO) supported by the Executive Committee which is appointed annually at the Annual General Meeting (AGM) and is responsible for executive action on all matters within the policy framework approved by Council including Finance and General Purposes. 

## **Staf** 

**Charles Nicklin** is employed (full time) in the role of Chief Executive Officer and Company Secretary, as well as being a Chartered Engineer and Fellow of the Institution. In addition, Mr Nicklin is also a Director of the Land-based Engineering Training and Education Committee. 

**Alison Chapman** is employed (full time) as Membership Secretary and is closely involved in the operation of the Membership Committee, as well as all tasks relating to personal membership and registration administration. 

## **Advisory Council** 

**Sarah McLeod** is employed (9 days/fortnight) as the Business  and  Events  Secretary.  She  organises  the Annual Conference, including other events and 

Advisory Council meetings take place twice a year and are used to discuss matters of strategic Annual Conference, importance to IAgrE. The meeting allows the _**IAgrE Annual Report & Summary Accounts for the year ended 31 December 2022**_ 

_**3**_ 




supports  the  members,  branches  and  groups.  She also manages the Continual Professional Development audit as well as supporting and coordinating the various panels and committees. 

**Marion King** is contracted as Communications Officer 2 days/week.  She completes press releases, marketing material and continues to raise the profile of IAgrE through social media via Facebook, LinkedIn and Twitter. 

**Jo  Martindale** is  contracted  as  Bookkeeper  for  2 days/week.  She  works  closely  with  the  Secretariat team and accountants, processing relevant financial tasks and information. 


President Mr G P Higginson Dr M Moore, President Mr R D King Elect Dr R J Merrall Mr  P  F  Hemingway,  Past Dr R W Simmons President Mr M Whiting Prof R J Rickson, Hon Treasurer Dr M C Butler Ellis Mr M StJ Carr-West Mr K F P Franklin 

## **Review of Activities** 

## **Overview** 

## **Risk Management** 

The Trustees are responsible for the management of risks faced by the Institution and seek early identification, evaluation and effective management and  mitigation of key  risks. Potential  risks, impact and mitigation are identified by the IAgrE CEO and are considered by Trustees at all Executive Committee  meetings.  The  principal  risks  identified are: 

- Business interruption as a consequence of loss of key staff, office and records, and/or premises lease amendment. 

- Loss of membership and/or loss of income from substantial decrease in membership renewals. 

- Information and Communication Technology related issues such as a website crash and/or database failure. 

- Loss of income streams such as Biosystems Engineering and return on investments. 

IAgrE continues to place emphasis on the five-year development plan and continues to make progress in delivering the business objectives which, whilst maintaining  the  need  to  operate  within  Charities rules and best practice have been set against the following business development themes: 

- Promoting the value and benefits of IAgrE membership, and thus increasing its members. 

- Promoting the value and benefits of professional registration. 

- Ensuring that the Engineering Council and Society for the Environment licences are maintained. 

- Continuing to develop new business activities and income streams. 

- Increasing the IAgrE profile with other institutions and stakeholders so that IAgrE is viewed as being influential, with good quality intelligence and intellectual capital. 

## **Statement  of  disclosure  to  Independent Examiner** 

The  trustees  are  responsible  for  keeping  proper accounting  records  that  disclose  with  reasonable accuracy  at any  time the  financial  position  of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking  reasonable  steps for  the  prevention  and detection of fraud and other irregularities. In so far as the trustees are aware: 

- There is no relevant information of which the charitable company’s independent examiner is unaware; and 

- The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the examiner is aware of that information. 

The trustees also confirm that they have taken due regard  to  Charity  Commission  guidance  on  public benefit. 

## **Trustees** 

The Trustees of IAgrE on the date of approval of the financial statements were: 

Mr S C Constable, Prof B Grieve 

## **Strategic Developments** 

2022 was a more settled year for the IAgrE and its membership, however with the Covid-19 pandemic in the past, conflict in eastern Europe, increased energy costs and high inflation has exerted financial pressure on the sector. The strategy laid out in the previous year continued, along with additional items. 

The priorities forming the strategic development plan remain and include: 

- Ensuring that the membership, other stakeholders and more general audiences have improved sector understanding. 

- Developing simpler, clearer messaging will enable easier engagement with target audiences. 

- Better demonstrating the value of IAgrE to retain existing members, attract new ones and gain employers’ backing. 

- Progressing sponsored student members to Associate or Technician grade following successful course completion. 

- Investing funds and resources to promote IAgrE further and both retain and increase membership. 

- Using technology to communicate with members, engage them with IAgrE activities and promoting the Institution more widely. 

- Ensuring full use is made of digital content from on-line activity. 

_**IAgrE Annual Report & Summary Accounts for the year ended 31 December 2022**_ 

_**4**_ 




- Continuing to promote professionalism and high standards at all levels within industry and education. 

- Broadening engagement with wider industry stakeholders with the aspiration that there could be mutual endorsement where appropriate. 

- More events; both generic and specialist, and a revival of special interest groups with live streaming of branch meetings to increase the breadth of engagement. 

- Continually improve the IAgrE website to give members access to activities, events, industry information, vacancies, etc. 

- Ensuring the institution is welcoming to all, supporting a diverse profession, inspiring, attracting and retaining people from different backgrounds, reflecting our increasingly diverse society. 

The Secretariat continued to progress these developments during 2022. 

In 2022 the sampling of IAgrE members Continuing Professional Development (CPD) records continued in accordance  with  the  Regulations.  Those  members who  failed  to  engage  with  the  CPD  requirements were contacted to encourage their full cooperation. If they still failed to engage with the sampling process they were added  to  the  following year’s cohort of members to be sampled. Successful use has been made  of  the  Engineering  Council  “Mycareerpath” platform for recording and sampling members CPD. Those members chosen for the CPD sampling exercise have benefited from good quality feedback which has been well received. IAgrE engages with a CPD forum to share best practice with other organisations and also contributes to an Engineering Council working group for this activity. The introduction of a mobile app has further supported regular logging of CPD activity. 

The Membership Committee continued to work effectively with good feedback from the Engineering Council  Liaison Officer. All IAgrE procedures, forms and  guidance  notes,  were  reviewed  and  updated where necessary, with necessary training completed. EngTech registration procedures were further updated as IAgrE wished to engage more proactively with undergraduates and graduates with regard to their first step in professional development. 

IAgrE continues to be actively involved with committee work for both licencing bodies for professional engineers and environmentalist registration. 


The annual conference was held on the 1[st] November at  the  East  of England  showground,  Peterborough; the first such in-person event since 2019. The subject for the 2022 conference was “Engineering Sustainability in Agriculture”; a subject quite timely given the increased focus on climate, sustainability and food security issues. A strong audience presence were given presentations from speakers drawn from a diverse  range  of  the  sector  including  machinery manufacturers, research and practitioners. Following the  presentations,  the  conference  culminated  in  a Q&A panel session. To ensure material was available for CPD the audio was recorded, along with presentation slides which have been made available to view on line. 

IAgrE  continues  to  develop  a  productive  working relationship with the Royal Academy of Engineering (RAEng) and is actively involved with a number of Academy initiatives. IAgrE is actively engaged in the RAEng  National  Engineering  Policy  Centre  (NEPC) which was set up in 2018. This has been effective in raising the profile of engineering for sustainable food production  and  global food  security with  policy influencers. Policy work on subjects such as energy, data, communications, autonomous vehicles and drones, are all benefiting from IAgrE input. 

Partnership  and  collaborations  continue  to  be  an important  part  of  the  IAgrE  remit.  The  institution engaged with a number of organisations on a variety of topics throughout the year in areas such as food security, net zero carbon challenges, soils and sustainability. 

The  Institution  continues  engagement  with  other PEIs, industry bodies, universities, colleges and companies  covering  a  range  of  topics  such  from apprenticeships to engineering for food production. The IAgrE continues to look to accredit courses and programmes  in  the  land-based  and  environmental education sector. 

## **Services to Technicians, Engineers and Environmentalists** 

IAgrE continues to promote professionalism through the  marketing  of  professional  qualifications  at  all levels from Engineering Technicians through to Chartered Engineer and Environmentalist registration. IAgrE continues to place strong emphasis  on  supporting  Engineering  UK  and  the Engineering  Council.  IAgrE  sits  on  the  Operational Group of  the  Engineering  4 Education  (E4E)  panel which is hosted by the RAEng and works to inform education policy and practice by: 

- Initiating and contributing to policy debates 

- Providing decision-makers with high quality information and analysis 

- Ensuring that all learners are enabled to make connections across areas of learning that support an education for engineering 

- Highlighting the needs of future engineers and routes into engineering that are open to all 

_**IAgrE Annual Report & Summary Accounts for the year ended 31 December 2022**_ 

_**5**_ 




IAgrE receives many requests for contributions to a range of consultations led by the RAEng and other national bodies. Where possible and relevant, IAgrE will commit resources to support these initiatives on behalf of the wider membership. 

The Institution’s interests continue to be represented at  the  Engineering  Council  and  Royal  Academy  of Engineering at numerous Committees and Working Groups including: 

- The Engineering Accreditation Board (EAB) 

- The Engineering Apprenticeship and Technician Qualifications (EATQ) Forum 


IAgrE’s focus has continued on building relationships with colleges and universities, and provides talks and seminars as required. IAgrE membership, subsidised by the Douglas Bomford Trust (DBT) is afforded to students  and  apprentices  following  UK  recognised qualifications in agricultural engineering and associated subjects. 

Working with industry through LE-TEC, IAgrE continues to support the development of apprenticeship  programmes  in  Land-based  Service Engineering at foundation and advanced levels. These  apprenticeship  standards  are  undergoing  a significant  content  update  during  2022  and  into 2023, which will be supported by IAgrE. 

- The Heads of Membership Committee 

- The PEIs Group B & C Panels 

- The NEPC partners Group 

- The Professional Engineering Committee (PEC) 

- The Early Career Engineer PEC 

All of these ensure that the IAgrE maintains a high profile  within  the  Engineering  Council  and  Royal Academy of Engineering and is kept up-to-date with policy and standards. 

Malcolm  Carr-West  sits  on  the  Engineering  Council Quality Assurance Committee and is also the Liaison Officer for the Institute of Applied Acoustics.  Graham Higginson  volunteers  as  the  Engineering  Council Liaison Officer for the Institute of Chemical Engineers.  Additionally, Malcolm acts as an alternate to the IAgrE CEO on important Engineering Apprenticeship and Technician Qualification matters. 

## **Land-based Engineering Training and Education Committee** 

IAgrE continues to work closely with the Agricultural Engineers Association (AEA) and the British Agricultural and Garden Machinery Association (BAGMA) through the Land-based Engineering Training and Education Committee (LE-TEC) to support apprenticeship development, training courses and careers promotion. LE-TEC is a limited company with IAgrE as an equal partner alongside AEA and BAGMA. 

The Milking System Technician Accreditation (MSTA) scheme  for  milking  equipment  is  well  established with the only qualification in the sector being provided by Reaseheath College and Hartpury College who, in conjunction with Milking Equipment Association  members,  offer  courses  covering  the current three Categories of MSTA. The MSTA scheme is administered by the AEA, the only input from IAgrE being  related  to  Engineering  Technician  (EngTech) registration with the Engineering Council for Technicians when required. 

Focus continues to be placed on EngTech registration for technicians with discussions ongoing with major equipment manufacturers and dealerships. EngTech registration should be seen as a clear indication of professional  competence,  which  is  a  key  career milestone. 

## **Education** 

IAgrE has additionally supported the content development  of  the  new  Technical  Level  (T-Level) qualification in Land-based Engineering, which will be rolled out in 2023. In due course it is IAgrE’s desire that  the  T-Level,  equivalent  to  3  A-Levels,  will  be recognised as fulfilling the academic requirement for EngTech registration with the Engineering Council. 

Along  with  the  AEA,  IAgrE  are  on  the  “Employer Directory” for the Institute for Apprenticeships and Technical Education (IfATE), this allows both bodies to provide  industry experts to be called upon by the Office of Qualifications and Examinations Regulation (Ofqual) for auditing tasks. The IAgrE is also part of the City & Guilds industry board for technical input into course content. 

## **Society for the Environment** 

IAgrE  continues  to  maintain  a  productive  working relationship  with  the  Society  for  the  Environment. IAgrE offer two grades for Environmental Registration,  Registered  Environmental  Practitioner (REnvP) and Chartered Environmentalist (CEnv). Environmental focus continues to be a strong theme for IAgrE and is intrinsically linked to agriculture and food  production.  Awareness  of  the  Society  for  the Environment  professional  registration  needs  to  be increased,  especially  in  the  agricultural  sector.  To support this, two IAgrE members have been featured in Podcasts recently, showcasing their careers in the industry. IAgrE continues to promote registration with agricultural and associated businesses. IAgrE member and past CEO Alastair Taylor remains closely involved with the Society for the Environment and holds the role of Chief Licence Reviewer.  Graham Higginson is a board member of the society and also sits on their Registration Authority. 

## **Publications** 

The Publications Management Committee meets regularly to facilitate and monitor the development of all IAgrE publication activities. 

Biosystems  Engineering,  IAgrE’s  scientific  journal, continues to increase both its “impact factor” and “citation”, both key measures’ for peer review journals. The Editorial team works hard to maintain the high quality of published papers. The number of papers submitted to Biosystems Engineering continues to grow and exceeds 1500 per annum. The editorial team during 2022 comprised: 

_**IAgrE Annual Report & Summary Accounts for the year ended 31 December 2022**_ 

_**6**_ 




- Dr Steve Parkin (Editor-in-Chief) 

- Dr Bill Day (Editor Emeritus) 

- Prof Jacek Koziel (Senior Editor) 

- Prof Nikolaos Katsoulas (Senior Editor) 

- Dr Dvoralai Wulfsohn (Associate Editor) 

- Mr John Gowing (Associate Editor) 

- Prof Stavros Vougioukas (Associate Editor) 

- Prof Fernando Auat Cheein (Associate Editor) 

- Prof Konstantinos Ferentinos (Associate Editor) 

- Dr Meir Teitel (Associate Editor) 

- Prof Raphael Linker (Associate Editor) 

Biosystems Engineering forms an important component  of  IAgrE’s  portfolio.  Income  from  the publishing contract with Elsevier was again in excess of the guaranteed sum. A substantially reduced online subscription to Biosystems Engineering is available to IAgrE members. Limited free downloads are  also  available  to  members.  Income  remains stable,  but  due  to  the  rise  of  submissions  the editorial costs increased. Biosystems Engineering is a “hybrid”  journal  in  that  it  supports  open  access papers. The amount of open access papers continues to increase and pose concern to the current publishing model of a subscription journal. Regular meetings  are  held  with  the  publisher  in  order  to monitor the situation and support discussion on the strategic direction of the journal. 


Management  and  Awards  Committees.  These  work well with Secretariat staff who work hard to secure more involvement from a wider group of membership volunteers. The IAgrE remains indebted to its volunteers  and  would  like  to  thank  them  for  their contribution and commitment. A special thanks goes to Paul Miller who has supported IAgrE in a number of capacities since joining as a member in 1977. Paul has  recently  stood  down  from  his  position  as  a Trustee of IAgrE after serving for over 20 years, which included a period as President during 2006 to 2008. Paul remains involved in a number of other formal capacities in the institution. 

## **Awards** 

IAgrE held its annual AGM and Awards ceremony in person at Claas UK Headquarters, East Anglia on the 27th April 2022. After the receiving of the awards and following lunch, the delegates were treated to a tour of the Claas facilities. 

The winners of the various awards were as follows: 

## **IAgrE Honorary Fellowships;** 

Professor Jane Rickson CEnv FIAgrE 

## **IAgrE Award of Merit;** 

Dr Nick Tillett MIAgrE 

Landwards, IAgrE’s membership journal, continues to receive  positive  comment.  The  editor’s  role  is  to present the Institution, its members, its views and activities  in  a  positive  light.  The  journal  needs  to strike a fine balance to satisfy the requirements of a diverse  membership  the  sector  brings.  There  is  a desire to include increased technical content, but not so  much  that  it  becomes  an  academic  journal. Institutional, branch and member activities continue to provide a range of content for publication. Regular pre-production  meetings  are  held  with  the  IAgrE Secretariat team prior to its publication. The journal remains a “window into the world of agricultural and land-based engineering”. 

## **Branches** 

Regional  branches  are  active  around  the  country although some of these do have difficulties maintaining a viable programme and rely totally on the commitment of volunteers. These branches offer a useful range of events and meetings which are well received by members. A few areas continue to run without an effective branch but every effort is made to accommodate members in these areas, by both including  such  members  in  adjacent  groupings  of “special”  events  at  or  close  to  their  geographical location.  The  use  of  video  conferencing  platforms have  been  made  good  use  of for  many branches. These on-line platforms have removed geographical barriers for attendance for people outside the regions, leading to a significant increase in participation. 

## **Volunteers** 

Volunteers form the backbone of the IAgrE and are closely involved with the Executive Committee, Advisory Council, Branches, Specialist Groups, Membership, Professional Development, Publications 

## **IAgrE Award for Contribution to Land-based Industries;** 

Dr David Llewellyn CBE FIAgrE 

**The President’s Award;** Daniel Hefft CEng MIAgrE 

## **Branch Meritorious Service Award;** 

Dr John Stafford CEng CEnv FIAgrE (South East Midlands Branch) 

## **Douglas Bomford Paper Award;** 

Diogenes Antille CEng CEnv MIAgrE, for his contribution in the paper “Analysis of effect of bentleg opener geometry on performance in cohesive soil using the discrete element method”. The paper was published in Biosystems Engineering Volume 209. 

**IAgrE Team Achievement Award;** No award in 2022. 

## **Ivel Award;** 

No award in 2022 due to the LAMMA show not being held until after the awards date. 

## **IAgrE CNH Industrial Award** ; 

James Shaw, Harper Adams University - Final year project “An investigation into the geometric properties of Anaerobic Digestion plant digestate pellets to be used within commercial agricultural distribution methods as a biodegradable natural fertiliser” 

## **IAgrE Student Project Award;** 

No awards in 2022 due to continued practical disruption caused by Covid-19. 

## **IAgrE Student Project Safety Award** ; 

William Campbell CEng MIAgrE - Master's thesis “Development of a forward collision avoidance perception module for an autonomous agricultural ground vehicle”. 

_**IAgrE Annual Report & Summary Accounts for the year ended 31 December 2022**_ 

_**7**_ 




## **The IAgrE British Guild of Agricultural Journalist** 

**Award,** awarded for the best article/broadcast on the application of engineering within the land-based sector from a member of the Guild; Winner – Peter Hill for his feature in the Farmers Weekly _“How implements that can control tractors work”._ Runner up – James Andrews for his feature in the Farmer Weekly _“Innovative kit converts slurry emissions into fuel”._ 

## **Technical / Special Interest Groups** 

The IAgrE continues to host and support a number of Special Interest Groups (SIGs) for not only its membership, but the wider community. 

During 2022 SIGs were  active  in  Robotics and Autonomous Vehicles, Engineering for Food & Drinks, Health & Safety and Soil  & Water. IAgrE also supported  various  events,  in  conjunction  with  the Farm Safety Partnership, NFU, Lincoln University, etc. Further expansion of SIGs to cover new technologies/subjects will continue to be explored. 

## **Events** 

IAgrE participates in relevant events, supported by its membership. Activities of note during the year included: 

- Engineering UK AGM – 17[th] January 2022 

- AEA AGM/Conference – 5[th] April 2022 

- IAgrE AGM & Awards Event – 27[th] April 2022 

- LAMMA Machinery Exhibition – 5[th] May 2022 

- Cereals Exhibition – 8[th] June 2022 

- SocEnv AGM – 21[st] June 2022 

- Milking Equipment Association Conference – 29[th] June 2022 

- NEPC Plenary – 22[nd] September 2022 

- IAgrE Landwards Conference – 1[st] November 2022 

- Gloucestershire Local Skills Improvement Plan Agri-Tech Event – 21[st] November 2022 

## **Equality, Diversity and Inclusion** 

During 2021 the Diversity and Inclusion Committee was  officially  formed.  The  committee’s  remit  is  to advise the Institution in terms of its practice, approach and development of equality, diversity and inclusion. This committee is now fully operational and feeding into institution activity. The prime objective of  the  committee  is  to  ensure  that  the  institution remains welcoming to all. 

## **Membership and Registration Numbers** 

IAgrE  exists  as  an  organisation  in  order  to  offer professional  qualifications, not only because it has licences from the Engineering Council and Society for the Environment to do so, but also as a professional organisation  in  its  own  right  offering  professional status via a suite of membership grades. To maintain this status, IAgrE has to be seen to have fair, rigorous and  transparent  procedures.  These  procedures  are used by the  IAgrE Membership Committee and audited  by  the  IAgrE  Internal  Audit  Panel. The 


efficient operation of these two groups is essential to the smooth running of IAgrE. The Internal Audit Panel reporting procedures ensure that the Advisory Council and Executive are informed of outcomes. 

Paid  membership  of  IAgrE  declined  very  slightly during 2022 with a reduction of 9 people. It is fully recognised that growth is essential and remains a key item  for  the  IAgrE’s  strategic  development.  The Institution  continues  to  engage  with  business  and education through its contacts and other initiatives to promote commercial and academic membership. 

The  IAgrE  continues  to  work  with  the  Engineering Council and other organisations and does feel it is possible to reverse this decline. EngTech registration is a key strategic activity to support the latter and there are a number of projects being progressed. 

At the year-end, the breakdown of membership was as follows: 

|Hon Fellow*<br>Fellow*<br>Member*<br>Associate Member*<br>Technician<br>Afiliate<br>Commercial<br>&<br>Academic<br>**Total**|**2022**<br>18<br>115<br>562<br>176<br>37<br>141<br>61<br>**1110**|**2021**<br>17<br>118<br>572<br>179<br>35<br>137<br>61<br>**1119**<br>**Chang**<br>**e**<br>+1<br>-3<br>-10<br>-3<br>+2<br>+4<br>0<br>**-9**|
|---|---|---|



_* Corporate (voting) Members_ 

Following  renewed  contact  with  both  colleges  and universities, Student membership of IAgrE (not shown  above)  was  more  consistent  from  2021  to 2022. The focus on EngTech registration, especially for  both  under  graduates  and  graduates,  should support longer term membership of the institution. 

There is a significant percentage of membership who are  professionally  registered  with  the  Engineering Council  and/or  the  Society  for  the  Environment through IAgrE. As a result of slightly reduced membership figures, the registered member figures have also declined during 2022. It is a key strategic item to promote and consequently increase registration figures going forward. 

The breakdown of registrants is shown below: 

||**2022**|**202**|**Chang**|
|---|---|---|---|
|Chartered Engineer|163|**1**|**e**|
|Incorporated|112|165|-2|
|Engineer|78|121|-9|
|Engineering<br>Technician|111<br>1|89<br>112|-11<br>-1|
|Chartered<br>Environmentalist<br>Environmental<br>Practitioner<br>**Totals**|**465**|1<br>**488**|0<br>**-23**|



## **Financial Review** 

## **Results** 

## _**IAgrE Annual Report & Summary Accounts for the year ended 31 December 2022**_ 

_**8**_ 




The Statement of Financial Activities (SOFA) for the year is set out on page 13 of the financial statements. The overall deficit for the year is £123,114, which  represents a substantial decrease compared to the 2021 surplus of £90,031. The deficit includes an unrealised loss on investments of £103,075, compared to an unrealised profit of £22,735 in the prior year.  When excluding unrealised gains/losses on investments, the net result for 2022 is a loss of £20,039, compared to a gain of £67,296 in 2021. 

Total  income  decreased  from  £424,557  in 2021  to £387,245 in 2022. Within this total, members' subscriptions returned to a more stable postpandemic level of £151,889, compared to £149,284 in 2021.  The income from publications reduced from £257,832 to £210,396 in 2022.  This majority of the decrease  was  due  to  an  additional  £41,000  being received during 2021 in relation to an under-accrual of income from the year 2020. 

Expenditure relating to charitable activities increased from  £399,589  in  2021  to  £415,803  in  2022.  The main reasons for the increases were as follows: 

- Increased  costs  associated  with  publications  in relation to editorial services during the year. 

- Staffing  costs  have  risen  to  keep  abreast  with inflation. 

- There have been increased costs associated with membership provision. 

- The return of an in-person conference during 2022 led to increased costs in relation to venue costs, travel and accommodation. 

On 31 December 2022, total fixed asset investments stood at £840,870. Unrealised losses on these assets in 2022 are £103,075; compared to a realised gain in 2021 of £42,328. 

## **Reserves and Investments Policy** 

The Trustees continue to monitor and review IAgrE's need  for  reserves,  and  associated  investments,  in line  with  the  guidance  issued  by  the  Charities Commission. 


Annual  IAgrE  budgets  are  set  to  break  even,  with exceptional  expenditure  authorised  from  reserves from  time  to  time.  Reserves  are  utilised  for  the benefit  of  the  whole  membership  at  the  Advisory Council's discretion. 

## **Summarised Financial Statements** 

Summarised financial statements are shown on pages  10  and  11  of  the  IAgrE  Annual  Report  and Summary Accounts. These are extracted from pages 13 and 14 of the full statutory Trustees Report and Financial Statements of the Institution of Agricultural Engineers  which  were  approved  by  the  Executive Trustees on 19th April 2023. The full financial statements, on which Landers Accountants Ltd gave an  unqualified  independent  examiner's  report  on 19th  April  2023  will  be  submitted  to  the  Charity Commission and Companies House. 

The  reporting  accountants  have  confirmed  to  the Trustees that, in their opinion, the financial statements are consistent with the financial records held by the IAgrE secretariat for the year ended 31 December 2022. 

## **Further Information** 

The IAgrE Trustees are responsible for the maintenance  and  integrity  of  the  corporate  and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

These  summarised  financial  statements  may  not contain  sufficient  information  to  gain  a  complete understanding of the financial affairs of the charity. The  full  statutory  Trustees  Report  and  Financial Statements and reporting accountants report may be obtained from the IAgrE Secretariat: 

_Institution of Agricultural Engineers_ 

_The Bullock Building, University Way, Cranfield, Bedford MK43 0GH_ 

The financial reserves have been set aside over the years to provide financial stability, business continuity, and the  means for the  development of IAgrE's principal activities as defined in the Memorandum and Articles of Association. Total reserves (£1,200,325) are maintained at a level that is  at  least  equivalent  to  three  year's  budgeted expenditure. 

Part of the total reserve is held as Designated Funds. A Building Fund for the replacement of the Secretariat building  stands  at  £440,000. The IAgrE lease  with  Cranfield  University  runs  to  2056  and, whilst there is no plan to move from Cranfield in the foreseeable future, it is considered prudent to continue  to  allocate  reserves, whilst circumstances allow, against possible future building purchases. 

## **Looking Forward** 

Going forward the institution will continue in setting some of its reserves against growth, and so is likely to show a small annual deficit for the short term. 

_**IAgrE Annual Report & Summary Accounts for the year ended 31 December 2022**_ 

_**9**_ 




2022  has  seen  the  back  of  the  Covid-19  global pandemic, but its aftermath has left the world many challenges  and  economic  uncertainty.  The  Russian invasion of Ukraine in the early part of the year has then  further  pressurised  the  situation  by  adding soaring energy prices into the equation, along with high  inflation.  This  global  economic  turmoil  has resulted in a cost of living crisis, requiring people to make difficult choices and plunging many into debt. Despite this backdrop, engineers and technologists need  to  focus  on  the  future  challenges,  such  as reducing carbon emissions, improving the sustainability of food production and halting climate change. 

The  Institution  of  Agricultural  Engineers intends  to move forward and meet its keys aims by: 

- Allocating financial reserves for membership support and growth with a view to, at first, maintaining membership numbers, and in the future increasing this number. 

- Building on the previous key strategic development tasks and the continual implementation of new strategies. 

- Continuously improving communication arrangements with members and stakeholders in order that they receive more timely and relevant information. 

- Continuing to develop the relationship with the Royal Academy of Engineering and contribute to the wider development of the engineering discipline. 

- Continuing to offer a diverse range of training and development opportunities for members including physical meetings and on-line access. 

- Continuing to sample members CPD and provide feedback on its quality and impact linked to the ongoing promotion of mentoring and registration opportunities. 


- Continuing to review procedures and implement further improvements as necessary to the IAgrE membership management system. 

- Developing and renewing relationships with new and existing education partners, research organisations and industry, continuing to promote both academic and commercial membership. 

- Continuing to work with industry partners and stakeholders to promote careers in the agricultural engineering industry. 

- Developing new relationships with original equipment manufacturers and machinery dealerships in order that a greater number of technicians and engineers benefit from being professionally recognised. 

- Continuing to establish relationships with the Agri-tech industry to act as a conduit for learning and knowledge as they relate to research and innovation. 

- Investigating the digitisation of the IAgrE archive in order that members and stakeholders can access this valuable resource. 

- Ensuring equality, diversity and inclusion is embedded in all of IAgrE’s activities and the organisation remains welcoming to all. 


S C Constable, President R J Rickson, Hon Treasurer 

_**IAgrE Annual Report & Summary Accounts for the year ended 31 December 2022**_ 

_**10**_ 



## **Consolidated Statement of Financial Activities incorporating Income and Expenditure Account for the year ended 31st December 2022** 

||**Total Funds**|**Total Funds**|
|---|---|---|
||**2022**|**2021**|
||**£**|**£**|
|**Incoming Resources**|||
|**Incoming resources from generated funds:**|||
|Voluntary Income:|||
|Donations|583|404|
|Activities for generating funds:|||
|Other income|2,997|1,275|
|Investment income|21,380|15,762|
|**Incoming resources from charitable activities:**|||
|Members’ subscriptions and fees|151,440|149,284|
|Income from publications|210,845|257,832|
|**Total incoming resources**|**387,245**|**424,557**|
|**Resources expended**|||
|**Cost of generating funds:**|||
|Investment management costs|5,326|13,425|
|Cost of charitable activities|383,575|360,471|
|Governance Costs|26,902|25,693|
|**Total resources expended**|**415,803**|**399,589**|
|**Net incoming resources before other recognised gains**|**(28,558)**|**24,968**|
|**Other recognised gains**|||
|Realised gains on investment assets|8,519|42,328|
|**Net income for the year**|**(20,039)**|**67,296**|
|Unrealised gains on investment assets|(103,075)|22,735|
|**Net movement of funds**|**(123,114)**|**90,031**|
|**Reconciliation of funds**|||
|Total funds brought forward|1,315,776|1,225,745|
|**Total funds carried forward**|**1,192,662**|**1,315,776**|



## **Balance Sheet as at 31[st] December 2022** 


**----- Start of picture text -----**<br>
2022 2021<br>£ £<br>Fixed assets<br>     Tangible assets 1,787 1,495<br>     Investments 840,870 818,918<br>842,657 820,413<br>Current assets<br>     Stock 3,760          3,760<br>3 760<br>     Debtors 222,138 226,231<br>     Short term deposits 123,676 126,815<br>IAgrE Annual Report & Summary Accounts for the year ended 31 December 2022<br>**----- End of picture text -----**<br>


_**11**_ 




**----- Start of picture text -----**<br>
     Cash at bank and in hand 57,847      177,496<br>407,421      534,302<br>Creditors: Amounts falling within one year (57,416) (38,939)<br>Net current assets 350,005 495,363<br>Net assets 1,192,662 1,315,776<br>Unrestricted funds<br>     Designated funds 440,000 440,000<br>     Revaluation funds 55,688 155,636<br>     General funds 696,974 720,140<br>Total funds 1,192,662 1,315,776<br>**----- End of picture text -----**<br>


These financial statements were approved by the Executive and authorised for issue on 19[th] April 2023 and signed on their behalf by: 

**Mr Stephen Constable (President) Treasurer)** 

**Professor Jane Rickson (Honorary** 

_**IAgrE Annual Report & Summary Accounts for the year ended 31 December 2022**_ 

_**12**_ 



## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE INSTITUTION OF AGRICULTURAL ENGINEERS** 

## **Independent examiner's report to the trustees of The Institution of Agricultural Engineers ('the Company')** 

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022. 

## **Responsibilities and basis of report** 

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). 

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section  145  of  the  Charities  Act  2011  ('the  2011  Act').  In  carrying  out  my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. 

## **Independent examiner's statement** 

Since  your  charity's  gross  income  exceeded  £250,000  your  examiner  must  be  a member  of  a  listed  body.  I  can  confirm  that  I  am  qualified  to  undertake  the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 

I  have  completed  my  examination.  I  confirm  that  no  matters  have  come  to  my attention in connection with the examination giving me cause to believe: 

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 

4. the accounts have not  been  prepared in accordance with  the  methods and principles  of  the  Statement  of  Recommended  Practice  for  accounting  and reporting  by  charities  (applicable  to  charities  preparing  their  accounts  in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 


Robert Brown 

Landers Accountants Ltd Church View Chambers 38 Market Square Toddington Bedfordshire 

Page 12 



LU5 6BS
19 April 2023
Page 12

## **THE INSTITUTION OF AGRICULTURAL ENGINEERS** 

## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022** 

|Notes<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>**Charitable activities**<br>4<br>Members' subscriptions and fees<br>Publications<br>Investment income<br>3<br>Other income<br>**Total**<br>**EXPENDITURE ON**<br>**Raising funds**<br>Investment management costs<br>5<br>**Charitable activities**<br>Members' subscriptions and fees<br>Publications<br>Governance<br>Conferences<br>**Total**<br>Net gains on investments<br>**NET INCOME/(EXPENDITURE)**<br>**Other recognised gains/(losses)**<br>Gains/(losses) on revaluation of fxed assets<br>**Net movement in funds**|**31.12.22**<br>31.12.21<br>**Unrestricted**<br>Total<br>**funds**<br>funds<br>**£**<br>£<br>**583**<br>404<br>**151,889**<br>149,284<br>**210,396**<br>257,832<br>**21,380**<br>15,762<br>**2,997**<br>1,275<br>**387,245**<br>424,557<br>**5,326**<br>13,425<br>**5,326** 13,425<br>**287,824**<br>280,808<br>**105,876**<br>79,324<br>**12,342**<br>25,349<br>**4,435**<br>683<br>**415,803**<br>399,589<br>**8,519**<br>42,328<br>**(20,039)**<br>67,296<br>**(103,075**<br>**)**<br>22,735<br>**(123,114**<br>**)**<br>90,031|
|---|---|



## **RECONCILIATION OF FUNDS** 

Total funds brought forward **1,315,776** 1,225,745 

The notes form part of these financial statements 

Page 13 



## **TOTAL FUNDS CARRIED FORWARD 1,192,662** 

1,315,776 

The notes form part of these financial statements 

Page 13 



## **THE INSTITUTION OF AGRICULTURAL ENGINEERS** 

## **BALANCE SHEET 31 DECEMBER 2022** 

||Notes|
|---|---|
|**FIXED ASSETS**||
|Tangible assets|9|
|Investments|10|
|**CURRENT ASSETS**||
|Stocks|11|
|Debtors|12|
|Investments|13|
|Cash at bank and in hand||



|**31.12.22**||31.12.21|
|---|---|---|
|**Unrestricted**|||
||Total||
|**funds**||funds|
|**£**||£|
|**1,787**||1,495|
|**840,870**||818,918|
|**842,657**820,413|||
|**3,760**||3,760|
|**222,138**||226,231|
|**123,676**||126,815|
|**57,847**||177,496|



**407,421** 534,302 

## **CREDITORS** 

Amounts falling due within one year 14 **(57,416)** (38,939) 

## **NET CURRENT ASSETS 350,005** 495,363 

## **TOTAL ASSETS LESS CURRENT LIABILITIES** 

## **1,192,662** 

1,315,776 

The notes form part of these financial statements 

Page 14 



**NET ASSETS 1,192,662** 1,315,776 

## **FUNDS** 

16 Unrestricted funds: 

General fund **696,974** 720,140 

Designated building fund **440,000** 440,000 Revaluation fund **55,688** 155,636 

**1,192,662** 1,315,776 

**TOTAL FUNDS 1,192,662** 1,315,776 

The charitable company is entitled to exemption from audit under Section 477 of the 

The notes form part of these financial statements 

Page 14 



Companies Act 2006 for the year ended 31 December 2022. 

The members have not required the company  to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006. 

The notes form part of these financial statements 

Page 14 



## **THE INSTITUTION OF AGRICULTURAL ENGINEERS** 

## **BALANCE SHEET - continued 31 DECEMBER 2022** 

- The trustees acknowledge their responsibilities for 

- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and 

- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. 

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. 

The financial statements were approved by the Board of Trustees and authorised for issue on 19 April 2023 and were signed on its behalf by: 

S C Constable - Trustee 

R J Rickson - Trustee 

The notes form part of these financial statements 

Page 15 



## **THE INSTITUTION OF AGRICULTURAL ENGINEERS** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **1. STATUTORY INFORMATION** 

The charity is a private company limited by guarantee, registered in England and Wales. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. Its registered office is The Bullock Building, University Way, Cranfield, Bedfordshire, MK45 0GH. 

## **2. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements** 

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP  (FRS  102)  'Accounting  and  Reporting  by  Charities:  Statement  of Recommended  Practice  applicable  to  charities  preparing  their  accounts  in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard  102  'The  Financial  Reporting  Standard  applicable  in  the  UK  and Republic of Ireland' and the Companies Act 2006. The financial statements have been  prepared  under  the  historical  cost  convention,  with  the  exception  of investments which are included at market value, as modified by the revaluation of certain assets. 

## **Income** 

All  income  is  recognised  in  the  Statement  of  Financial  Activities  once  the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Members' subscriptions and fees received in advance are deferred to the period to which they relate. 

## **Expenditure** 

Liabilities  are  recognised  as  expenditure  as  soon  as  there  is  a  legal  or constructive  obligation  committing  the  charity  to  that  expenditure,  it  is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Expenditure includes any VAT which cannot be fully recovered, which is reported separately in the total resources expended note. 

Costs of raising funds comprise the costs incurred in managing the charity's fixed asset investments. 

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.  It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. 

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent review fees and costs linked to costs linked to the strategic management of the charity. 

Page 16 



All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on a staff time basis. 

## **Tangible fixed assets** 

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. 

Page 16 



## **THE INSTITUTION OF AGRICULTURAL ENGINEERS** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **2. ACCOUNTING POLICIES - continued** 

## **Tangible fixed assets** 

Fixtures and fittings - 25% on cost Computer equipment - 25% on cost 

## **Stocks** 

Stocks are valued at the lower of cost and net realisable value, after making due allowance for 

obsolete and slow moving items. Cost is the cost incurred in bringing each product to its present location and condition. Net realisable value is based on estimated selling price  less further  costs to  be  incurred to completion  and disposal. 

## **Taxation** 

The charity is exempt from corporation tax on its charitable activities. 

## **Fund accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market values. 

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

## **Going Concern** 

The financial statements have been prepared on a going concern basis as the trustees  believe  that  no  material  uncertainties  exist.  The  trustees  have considered  the  level  of  funds  held  and  the  expected  level  of  income  and expenditure for 12 months authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. 

## **Investments** 

Investments  are  recognised  initially  at  fair  value  which  is  normally  the transaction price excluding transaction costs. Subsequently, investments  are measured  at  fair  value  with  changes  recognised  in  'net  gains/(losses)  on investments' in the SOFA where investments are publicly traded or their fair value can otherwise be measured reliably. 

Current asset investments are short term liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year. 

## **Debtors and creditors receivable/payable within one year** 

Debtors and creditors with no stated interest rate and receivable or payable within  one  year  are  recorded  at  transaction  price.  Any  losses  arising  from 

Page 17 



impairment are recognised within expenditure. 

Page 17 



**THE INSTITUTION OF AGRICULTURAL ENGINEERS** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **3. INVESTMENT INCOME** 

|**INVESTMENT INCOME**|||
|---|---|---|
||**31.12.22**|31.12.21|
||**£**|£|
|Income from managed funds|**21,380**|15,762|



## **4. INCOME FROM CHARITABLE ACTIVITIES** 

Income from members' subscriptions and fees includes £26,171 (2021: £33,341) received in relation to optional member subscriptions to separate organisations, namely  the European Society  of Agricultural Engineers,  the Society  for the Environment  and  the  Engineering  Council.  Such  amounts  are  payable  by members and transferred to the other organisations. 

Income  from  publications  primarily  consists  of  receipts  in  respect  of  the Biosystems Engineering journal. Under the agreement with the publisher, The Institution  of  Agricultural  Engineers  benefits  from  a  minimum  guaranteed receipt.  An  increase  in  the  guaranteed  income  receivable  resulted  in  an additional £41,000 of accrued income being recognised in 2021. 

## **5. INVESTMENT MANAGEMENT COSTS** 

||**31.12.22**|31.12.21|
|---|---|---|
||**£**|£|
|Portfolio management|**5,326**|13,425|



The charges above are in relation to collective fund charges. These are ongoing charges relating to funds held within the portfolio, these are deducted internally within  the  funds  concerned  and  are  not  charged  through  the  investment account. These are reflected in the unit price of the fund. 

## **6. NET INCOME/(EXPENDITURE)** 

Net income/(expenditure) is stated after charging/(crediting): 

||**31.12.22**|31.12.21|
|---|---|---|
||**£**|£|
|Auditors' remuneration|**2,690**|2,562|
|Depreciation - owned assets|**1,276**|1,495|
|Auditors' remuneration for non-audit work|**6,772**|5,694|



Page 18 



## **THE INSTITUTION OF AGRICULTURAL ENGINEERS** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **7. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees'  remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021. 

## **Trustees' expenses** 

The trustees neither received nor waived any remuneration during the year (2021: £Nil). 

## **8. STAFF COSTS** 

Staff costs were as follows: 

|Wages and salaries<br>Social security costs<br>Employer's contribution to defned contribution<br>pension schemes<br>Subcontracted fnance and administrative support|**31.12.2**<br>**2**<br>**31.12.2**<br>**1**<br>**£**<br>**£**<br>**114,388**<br>105,285<br>**9,219**<br>10,885<br>**4,697**<br>4,422<br>**15,810**<br>20,885<br>**144,114** 141,477|
|---|---|



The average monthly number of employees during the year was as follows: 

||**31.12.22**|31.12.21|
|---|---|---|
|Senior management|**1**|1|
|Administrative|**2**|2|
||**3**|3|



The total amount of remuneration received by key management personnel was £80,461 (2021 - £78,442). 

The Trust considers its key management personnel compromises of Charles Nicklin (2021: Charles Nicklin). 

Page 19 



## **THE INSTITUTION OF AGRICULTURAL ENGINEERS** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **9. TANGIBLE FIXED ASSETS** 

||||Fixtures||||
|---|---|---|---|---|---|---|
||||and|Computer|||
||||fttings|equipment||Totals|
||||£||£|£|
||**COST**||||||
||At 1 January 2022||**2,329**|**8,033**||**10,362**|
||Additions||**1,568**||**-**|**1,568**|
||At 31 December 2022||**3,897**|**8,033**||**11,930**|
||**DEPRECIATION**||||||
||At 1 January 2022||**2,235**|**6,632**||**8,867**|
||Charge for year||**172**|**1,104**||**1,276**|
||At 31 December 2022||**2,407**|**7,736**||**10,143**|
||**NET BOOK VALUE**||||||
||At 31 December 2022||**1,490**||**297**|**1,787**|
||At 31 December 2021||94||1,401|1,495|
|**10.**|**FIXED ASSET INVESTMENTS**||||||
|||||||Unlisted|
|||||||investments|
|||||||£|
||**MARKET VALUE**||||||
||At 1 January 2022|||||**818,918**|
||Additions|||||**254,890**|
||Disposals||||**(138,382)**||
||Revaluations|||||**8,519**|
||Unrealised loss, reinvested||||**(103,075)**||
||At 31 December 2022|||||**840,870**|
||**NET BOOK VALUE**||||||
||At 31 December 2022|||||**840,870**|
||At 31 December 2021|||||818,918|
||Investments are held in the following categories at the year-end:||||||
|||**Inside**|**Outside**<br>|**31.12.2**<br>||**31.12.2**|
|||**UK**|**UK**|**2**||**1**|
|||**£**|**£**|**£**||**£**|
||Properties|41,543|-|41,543||45,510|
||Unit trusts|217,246|305,776|523,022||557,900|
||Fixed interest securities|102,979|65,671|168,650||123,163|



Page 20 



|Cash|34,059|-|34,059|20,000|
|---|---|---|---|---|
|Other investments|73,596|-|73,596|72,345|



Page 20 



## **THE INSTITUTION OF AGRICULTURAL ENGINEERS** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **10. FIXED ASSET INVESTMENTS - continued** 

840,870 818,918 

The value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date. 

The historic cost of the fixed asset investments as at 31 December 2022 was £801,671 (31 December 2021: £681,772) 

## **11. STOCKS** 

|Postage<br>Stationery<br>Ties<br>Printing|**31.12.2**<br>**2**<br>**31.12.2**<br>**1**<br>**£**<br>**£**<br>**200**<br>200<br>**500**<br>500<br>**60**<br>60<br>**3,000**<br>3,000<br>**3,760**<br>3,760|
|---|---|



## **12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Trade debtors<br>VAT<br>Prepayments and accrued income<br>**13.**<br>**CURRENT ASSET INVESTMENTS**<br>Cash deposits|**31.12.22**<br>31.12.21<br>**£**<br>£<br>**936**<br>-<br>**5,950**<br>4,145<br>**215,252** 222,086<br>**222,138** 226,231<br>**31.12.22**<br>31.12.21<br>**£**<br>£<br>**123,676**<br>126,815|
|---|---|



Current asset investments consist of bonds of £109,617 (2021: 108,825) with maturity of one year and an interest rate of 1.3% (2021: 1.0%). The remainder of the balance is cash held within investment funds. 

Page 21 



## **THE INSTITUTION OF AGRICULTURAL ENGINEERS** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

||**31.12.22**|31.12.21|31.12.21|
|---|---|---|---|
||**£**||£|
|Trade creditors|**20,481**||6,479|
|Social security and other taxes|**3,665**||3,626|
|Other creditors|**1,304**||784|
|Accruals and deferred income|**31,966**||28,050|
||**57,416**||38,939|



## **15. LEASING AGREEMENTS** 

Minimum lease payments under non-cancellable operating leases fall due as follows: 

||**31.12.22**<br>31.12.21|**31.12.22**<br>31.12.21|
|---|---|---|
||**£**|£|
|Within one year|**1,712**|1,712|
|Between one and fve years|**856**|2,568|
||**2,568**|4,280|



## **16. MOVEMENT IN FUNDS** 

|||Net|Transfers||
|---|---|---|---|---|
|||movement|between|At|
|At|1.1.22|in funds|funds|31.12.22|
||£|£|£|£|



## **Unrestricted funds** 

General fund 

**720,140 (123,114) 99,948 696,974** 

Designated building fund **440,000** 

**-** 

**-** 

## **440,000** 

Revaluation fund **155,636** 

**(99,948) 55,688** 

Page 22 



**1,315,776(123,114) 1,192,662** 

**TOTAL FUNDS 1,315,776 (123,114) - 1,192,662** 

Net movement in funds, included in the above are as follows: 

Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ **Unrestricted funds** 

General fund **387,245 (415,803) (94,556) (123,114)** 

Page 22 



**TOTAL FUNDS 387,245 (415,803) (94,556) (123,114)** 

Page 22 



## **THE INSTITUTION OF AGRICULTURAL ENGINEERS** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **16. MOVEMENT IN FUNDS - continued** 

## **Comparatives for movement in funds** 

||||Net|Transfers||
|---|---|---|---|---|---|
||||movement|between|At|
||At|1.1.21|in funds|funds|31.12.21|
|||£|£|£|£|
|**Unrestricted funds**||||||



General fund 646,598 90,031 (16,489) 720,140 

Designated building fund 440,000 

- 

- 440,000 

Revaluation fund 139,147 - 16,489 155,636 

1,225,745 90,031 

- 1,315,776 

**TOTAL FUNDS** 

Page 23 



1,225,745 90,031 - 

1,315,776 

Comparative net movement in funds, included in the above are as follows: 

Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 

## **Unrestricted funds** 

General fund 424,557 (399,589) 65,063 90,031 

## **TOTAL FUNDS** 

424,557 (399,589) 65,063 90,031 

Page 23 



Purposes of designated funds 

Building fund: The directors have set aside funds towards the replacement of the Secretariat Building. At the year end the fund totalled £440,000. 

Memorial fund: This money was set aside to fund an annual memorial award in memory of the late Dr M Dwyer, Institution of Agricultural Engineers President at the time of his death in 1997. The prize was updated several years ago to the President's Award and the balance has been transferred to general funds. 

Revaluation  reserve  fund:  The  revaluation  reserve  fund  is  required  by  the Companies  Act  2006  and  represents  the  amount  by  which  fixed  asset investments exceed their historical cost. 

General fund: To cover cash flow volatility. This fund represents the balancing amount once the required transfers are made to the other funds. 

Page 23 



## **THE INSTITUTION OF AGRICULTURAL ENGINEERS** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **17. RELATED PARTY DISCLOSURES** 

There were no related party transactions for the year ended 31 December 2022. 

Page 24 



## **THE INSTITUTION OF AGRICULTURAL ENGINEERS** 

## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022** 

||31.12.22|31.12.21|31.12.21|
|---|---|---|---|
||£||£|
|**INCOME AND ENDOWMENTS**||||
|**Donations and legacies**||||
|Donations|**583**||404|
|**Investment income**||||
|Income from managed funds|**21,380**||15,762|
|**Charitable activities**||||
|Subscriptions and fees|**151,440**|149,284||
|Publications|**210,845**|257,832||
||**362,285**|||
||407,116|||
|**Other income**||||
|Other income|**2,997**||1,275|
|**Total incoming resources**|**387,245**|424,557||
|**EXPENDITURE**||||
|**Investment management costs**||||
|Portfolio management|**5,326**||13,425|
|**Charitable activities**||||
|Staf costs|**153,680**|144,115||
|Accommodation and premises costs|**10,354**||6,979|
|Ofice/stationery costs|**7,324**||6,177|
|Computer costs and support|**6,856**||19,401|
|Conference costs|**4,435**||683|
|Costs associated with publications|**155,975**|138,366||
|Meetings and travel costs|**7,135**||1,426|
|Public relations and recruitment|**2,319**||1,478|
|Subscriptions to other organisations|**27,258**||34,226|
|Prizes and awards|**2,739**||2,625|
|Depreciation of tangible fxed assets|**1,104**||1,196|
|Bank charges|**4,396**||3,799|
||**383,575**|||
||360,471|||
|**Support costs**||||
|**Governance costs**||||
|Staf costs|**11,521**||10,373|



This page does not form part of the statutory financial statements 

Page 25 



Carried forward 

10,373 

**11,521** 

This page does not form part of the statutory financial statements 

Page 25 



## **THE INSTITUTION OF AGRICULTURAL ENGINEERS** 

## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022** 

31.12.22 31.12.21 £ £ 

## **Governance costs** 

Brought forward **11,521** 10,373 

Auditors' remuneration **2,690** 2,562 Accommodation and premises costs **589** 367 Postage and stationery **2,271** 842 Computer costs and support **1,714** 4,850 Accountancy and legal fees **6,772** 5,815 Meetings and travel costs **25** 61 Trustee indemnity insurance **-** 305 Gifts **1,147** 219 Depreciation of tangible fixed assets **173** 299 

This page does not form part of the statutory financial statements 

**26,902** 25,693 

Page 26 



Total resources expended **415,803** 399,589 

## **Net (expenditure)/income before gains and losses** 

## **(28,558)** 

24,968 

|**Realised recognised gains and losses**<br>Realised gains/(losses) on fxed<br>asset investments<br>**8,519**<br>**Net (expenditure)/income**<br>**(20,039)**|42,328<br>67,296|
|---|---|



This page does not form part of the statutory financial statements 

Page 26